Economically, Massachusetts is firing on all cylinders: Bloomberg ranked the state as the most innovative in the nation for the second year in a row. The Pilgrim State also made CNBC’s list of “Top States for Business for 2017” coming in at position 10, which could explain why more than ten Fortune 500 companies, including Liberty Mutual, Massachusetts Mutual Life Insurance Company, and Boston Scientific, choose to have their headquarters here.
Massachusetts Debt Consolidation Loans
Even though Massachusetts has the third-highest per capita income in the nation at $53,221, thousands of Bay Staters are in severe debt. If this figure includes you, rest assured there are several debt-clearing options available, including debt consolidation.
To determine your ideal solution, you need to consider the following:
- The amount of debt you have
- The kind of debt you have
- The time frame in which you hope to resolve the debt
If you want a simple monthly program, have more than $10,000 in debt, and are willing to prolong your payment period, debt consolidation might be the best option for you.
Debt consolidation loans can come from various sources: you could take out a personal loan from a traditional bank, credit union or other lender, use the cash from a home-refinance, or look into debt consolidation companies. If you’re a Massachusetts resident, get in touch with Freedom Debt Relief. Or call 800-910-0065 for a free debt evaluation from one of our Certified Debt Consultants to find the strategy that makes sense for you.
Request a free debt evaluation to find out how we could help you:
- Resolve your debt faster
- Significantly reduce what you owe
- Make one low monthly program payment
You Are Not Alone
Overall, incomes in the Bay State are high compared to many other parts of the country, but typically, when incomes are high and big corporations are domiciled in a state, it follows that the cost of living is high too. In fact, the cost of living in Massachusetts was higher than the national average in all sectors including groceries, housing, and utilities. For residents whose jobs pay less or for those who are unemployed, this can mean turning to credit cards to make it to the end of each month. And debt can easily and quickly mount in this situation.
On the consumer debt front, Massachusetts fared better than most other states—coming in at 43rd out of 51 with an average debt of $5,677. But still, many individuals in the state have a hard time keeping up with due dates and are able to pay only the minimum on their cards each month.
Smart Solutions to Your Debt
Several viable solutions exist for the problem of mounting debt. The key is finding the one that suits your temperament and financial status best. One method is to simply wait for the Statute of Limitations to expire, which means your creditors lose the ability to file suit against you to try and get the money back. In the Bay State, that means you’ll have to wait six years.
Why wait passively when you can take charge of your destiny and turn your situation around in less time? Most debt consolidation loans take between two to five years to clear. And if debt consolidation isn’t right for you, one of the other programs may well be.
Contact Freedom Debt Relief today and learn all about available debt relief options. Our Certified Debt Consultants can help you find your way forward. Call 800-910-0065 for a free debt consultation and start your journey toward fiscal liberty today